Centennial Resource Development (NASDAQ:CDEV) Upgraded at BidaskClub

BidaskClub upgraded shares of Centennial Resource Development (NASDAQ:CDEV) from a strong sell rating to a sell rating in a report issued on Wednesday, BidAskClub reports.

CDEV has been the topic of a number of other reports. Jefferies Financial Group downgraded Centennial Resource Development from a buy rating to a hold rating in a research report on Monday, July 15th. Zacks Investment Research upgraded Centennial Resource Development from a sell rating to a hold rating in a research report on Tuesday, July 30th. Barclays restated a hold rating and set a $9.00 price objective on shares of Centennial Resource Development in a research report on Tuesday, July 2nd. Royal Bank of Canada set a $10.00 price objective on Centennial Resource Development and gave the company a buy rating in a research report on Wednesday, August 7th. Finally, ValuEngine downgraded Centennial Resource Development from a sell rating to a strong sell rating in a research report on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $12.22.

Shares of Centennial Resource Development stock opened at $4.30 on Wednesday. The stock has a 50 day moving average of $5.69 and a 200 day moving average of $8.49. Centennial Resource Development has a 12 month low of $3.92 and a 12 month high of $23.12. The firm has a market cap of $1.30 billion, a PE ratio of 10.22, a PEG ratio of 8.25 and a beta of 1.90. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.27.

Centennial Resource Development (NASDAQ:CDEV) last announced its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Centennial Resource Development had a net margin of 8.74% and a return on equity of 3.66%. The firm had revenue of $244.24 million for the quarter, compared to the consensus estimate of $232.70 million. During the same period in the previous year, the company posted $0.24 earnings per share. Centennial Resource Development’s quarterly revenue was up 12.2% on a year-over-year basis. As a group, equities research analysts forecast that Centennial Resource Development will post 0.32 earnings per share for the current fiscal year.

In other Centennial Resource Development news, CFO George S. Glyphis purchased 50,000 shares of Centennial Resource Development stock in a transaction dated Friday, August 9th. The shares were purchased at an average cost of $4.69 per share, for a total transaction of $234,500.00. Following the completion of the acquisition, the chief financial officer now owns 493,195 shares in the company, valued at approximately $2,313,084.55. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 31.30% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of CDEV. Carroll Financial Associates Inc. grew its stake in Centennial Resource Development by 895.5% in the second quarter. Carroll Financial Associates Inc. now owns 3,335 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 3,000 shares in the last quarter. Hilton Capital Management LLC bought a new position in Centennial Resource Development in the first quarter worth approximately $47,000. Bank of Montreal Can grew its stake in Centennial Resource Development by 7,891.2% in the first quarter. Bank of Montreal Can now owns 8,151 shares of the oil and natural gas company’s stock worth $72,000 after purchasing an additional 8,049 shares in the last quarter. Twin Tree Management LP grew its stake in Centennial Resource Development by 6,540.4% in the first quarter. Twin Tree Management LP now owns 9,031 shares of the oil and natural gas company’s stock worth $79,000 after purchasing an additional 8,895 shares in the last quarter. Finally, Verition Fund Management LLC bought a new position in Centennial Resource Development in the second quarter worth approximately $79,000.

Centennial Resource Development Company Profile

Centennial Resource Development, Inc, an independent oil and natural gas company, focuses on the development of unconventional oil and associated liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks primarily in Reeves County in West Texas and Lea County in New Mexico.

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Analyst Recommendations for Centennial Resource Development (NASDAQ:CDEV)

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